Gold, silver see solid gains on safe-haven demand as stocks stumble
(Kitco News) - Gold and silver prices are posting solid gains in midday U.S. trading Tuesday, on safe-haven buying amid a U.S. stock market sell-off following downbeat remarks from President Trump regarding the U.S.-China trade negotiations. February gold futures were last up $16.30 an ounce at 1,485.50. March Comex silver prices were last up $0.259 at $17.225 an ounce.
Trader and investor risk appetite up-ticked Tuesday following Trump’s comments in London, regarding a partial U.S.-China trade deal. Trump said there is no timetable on even a partial deal and implied any deal could come after next year’s U.S. presidential election. “In some ways, it may be better to wait until after the election,” said Trump. Trump on Monday threatened Brazil and Argentina with trade tariffs and on Tuesday did the same to France.
Asian equities were mixed and European stock markets were mostly lower Tuesday.
The key “outside markets” today see the U.S. dollar index weaker. Nymex crude oil prices are slightly higher and trading around $56.00 a barrel.
Technically, February gold futures bulls and bears are back on a level overall near-term technical playing field. A three-month-old downtrend on the daily bar chart has been at least temporarily negated. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,500.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the November low of $1,453.10. First resistance is seen at today’s high of $1,487.70 and then at $1,500.00. First support is seen at $1,475.00 and then at today’s low of $1,465.40. Wyckoff's Market Rating: 5.0
March silver futures bears still have the slight overall near-term technical advantage. Prices have been trending lower for three months. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at $17.355 and then at $17.50. Next support is seen at this week’s low of $16.895 and then at the November low of $16.76. Wyckoff's Market Rating: 4.5.
March N.Y. copper closed down 275 points at 262.25 cents today. Prices closed nearer the session low and hit a seven-week low today. The copper bears have gained the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of 271.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the October low of 252.60 cents. First resistance is seen at today’s high of 265.50 cents and then at this week’s high of 267.90 cents. First support is seen at today’s low of 262.05 cents and then at 260.00. Wyckoff's Market Rating: 4.0.